The oldest mention of Raksha Potlis come in Kalpasutra.
As part of the birth celebrations that take place when
a Tirthankar (Lord Mahaveer in this case) is born,
the 56 DikaKumaris (a type of celestial beings) come
and perform various rituals.
One of their rituals is to ingite fire out of some
special wood and put Chandan in it. The ash that results
out of this fire is put in a cloth (generally red) and
tied on the right hand of the lord in order to protect him.
An act which is just an expression of their love for lord.
Therefore, from this ritual it can be derived that the
raksha potlis are meant to protect oneself from various
external evil forces.
Also, as part of tradition there is the tying of raksha potlis
at the start of SiddhChakra Mahapujan.
Here it's done to protect us from any evil so that the pujan
ceremony is completed without untoward incidents (Nirvighna).
Basically, raksha potlis are supposed to contain Rakh (ash)
but nowadays they might instead contain Akshat (rice) also.
These are prepared with Mantra recitation and some method.
They are meant to protect us from external evil forces.
Right hand because every good activity is supposed to be
performed by the right hand.
> can u please tell me why jain's tie rakshapotli on right hand and
> what is significance of raksha potli? What is made up of and also
> what it there in raksha inside?